Why do you think there is such a variety of industries involved with plants?

Assuming the contract qualifies for revenue recognition while the performance obligations are being satisfied, excluding cash, w

shepuryov [24]

Question Completion:

Blue Co. had the following first-year amounts related to its $12,000,000 construction contract Actual costs incurred and paid Estimated remaining costs to complete Progress billings Cash collected $3,000,000 6,000,000 3,500,000 3,100,000 Assuming the contract qualifies for 'revenue recognition over time, what total amount (excluding cash) should Blue Co. recognize as current assets at year end?

Multiple Choice

a) $3,000,000

b) $1,000,000

c) $0

d) $900,000

Answer:

Blue Co.

The total amount (excluding cash) that Blue Co should recognize as current assets at year end is:

d) $900,000

Explanation:

a) Data and Calculations:

Value of Construction Contract = $12,000,000

Actual costs incurred and paid $3,000,000

Estimated remaining costs to complete $6,000,000

Progress billings $3,500,000

Cash collected $3,100,000

Percentage completion during the first year = Actual costs incurred/Total costs * 100

= $3,000,000/$9,000,000 * 100 = 33.333%

Revenue to be recognized based on percentage of completion and revenue recognition over time = $12,000,000 * 33.333%

= $4,000,000

Accounts Receivable = $900,000 ($4,000,000 - $3,100,000)

8 0

3 years ago

Learning Objective 4 - Prepare Financial Statements

Musya8 [376]

Answer:

150Explanation:

8 0

3 years ago

An organization accused of illegal discrimination may be able to successfully defend its employment practices by showing that th

alexgriva [62]

Answer:

a bona fide occupational qualification

Explanation:

Bona Fide Occupational Qualification is a term used to describe a type of discrimination that is not illegal, even if it seems. It is a positive discrimination used by companies to hire new employees, when necessary, based on factors that are considered discriminatory such as gender, religion, nationality, among others.

An example of this can be seen when the film recording industry needs to hire an Asian actor to play a character of Asian origin. This industry uses nationality as a discriminatory factor to hire someone, but in this scenario, this does not discriminate.

8 0

3 years ago

Read 2 more answers

Below is the trial balance for Sugar Almonds Ltd as at 31st December 2020

valentina_108 [34]

Answer:

Net income = $31,130

Total Assets = Owner's Equity and Liabilities = $104,230

Explanation:

The the Income Statement of Profit or Loss and the Statement of Financial Position can be prepared as follows:

Sugar Almonds Ltd

Income Statement of Profit or Loss

For the Year Ended 31st December 2020

Particulars $ $

Sales Revenue 93,700

Cost of sales:

Opening inventory 12,000

Purchases 49,000

Closing inventory - income statement (24,350)

Cost of sales (36,650)

Gross profit 57,050

Operating expenses:

Administrative Expenses (850)

Rent paid (2,000)

Telephone (900)

Wages (21,650)

Travel expenses (330)

Total operating expenses (25,730)

Interest income (expense):

Interest paid (190)

Net income  31,130 

Sugar Almonds Ltd

The Statement of Financial Position

As at 31st December 2020

Particulars $ $

Fixed Assets

Premises at cost 70,000

Vehicles at cost 5,800

Total Fixed Assets 75,800

Current Assets

Cash 630

Bank 2,100

Closing inventory - Statmt of fin positn 24,350

Trade Receivables 1,350

Total Current Assets 28,430

Total Assets  104,230 

Owner's Equity

Capital 72,000

Drawings (6,450)

Net income 31,130

Total Owner's Equity 96,680

Current Liabilities

Trade Payables 6,400

VAT 1,150

Total Current Liabilities 7,550

Owner's Equity and Liabilities  104,230 

6 0

3 years ago

In the purchase stage of the consumer journey, research indicates that ________ activities shorten the time consumers take to ad

SIZIF [17.4K]

Answer:

The correct word for the blank space is: Direct Marketing.

Explanation:

Direct marketing is a form of advertising in which materials are sent directly to consumers eliminating the middlemen from the promotion process. Direct marketing includes catalogs, mailers, e-mails, and flyers. They do not involve advertisements placed on television, radio or the internet. Direct customers allow consumers to take faster decisions than with other types of advertisement.

6 0

3 years ago